TEMPO.CO, Jakarta - The Central Bank of China does not recognize Bitcoin and other digital money as a form of legitimate payment. People's Bank of China Governor Zhou Xiaochuan said China's banking system does not accept such activities as legal payments.
China has taken steps in recent months to suppress the digital currency market, including shutting down and banning early digital coin-based (ICOs) funds.
Zhou's statement is an emphasis, after the United States on Thursday said the online trading platform of digital currencies “has the potential to break the law” so it must be registered with the regulator.
Bitcoin BTC prices= BTSP has fallen more than 13 percent in 24 hours to 10:30 GMT on Friday, March 9. Zhou said China has been monitoring the Blockchain-based distributed ledger technology (DLT) system as the forerunner of Bitcoin, but the supporting applications are growing very fast.
“If it develops too fast, it has the potential to have a major negative impact on consumers, and there may be some unforeseen effects on financial stability and monetary policy transmission," Zhou said.
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